30/06/2016 - ENEVA has closed its Judicial Recovery

​​ENEVA reports that the Justice of Rio de Janeiro decided by the closure of its judicial recovery process, that started in December 2014 and approved in May 2015.

The judicial recovery process of ENEVA is among the cases of most successful restructuring in the recent history of Brazil. The case was filed in December 2014 in order to preserve the company's power generation operations and restructure a liability of approximately R$ 2.4 billion in credits tender. The Judicial Recovery Plan was approved by a majority of its in April 2015 and approved by the judge of the 4th Corporate Court of the Judicial District of Rio de Janeiro in May of the same year, only four months after the application for judicial protection was required.

The speed and efficiency of the company's restructuring process were only possible through the cooperation and commitment of its creditors and shareholders, who have united around the adequacy of the company's capital structure, ensuring its operational future and their contribution to the energy sector of Brazil. The judge of the 4th Corporate Court held that ENEVA fulfilled all its obligations under its plan during the Judicial Recovery period and therefore, decided to finished the case.

All labor creditor, micro and small business and unsecured creditors with claims up to R$ 250,000 were paid in full in less than 12 months after the start of the processes. After the completion of these payments and the Company's capital increase conclusion in November 2015, there were only 15 unsecured creditors, in a universe of more than 120 creditors originally subject to judicial recovery, which will receive the payment in a total term of 13 years.

"Today is a very important day for all of us in ENEVA. And I'm sure that for all our employees and business partners as well. The Company not only fulfilled all the steps foreseen in the Judicial Recovery Plan, but mainly has shown significant improvement of operational and financial performance, and accountability in the management of its capital structure. With de decision of the 4th Corporate Court, we take another step in the project to build one of the largest and most important private companies of the country's energy sector", says José Drummond, ENEVA's CEO.



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